Embracing the Virtual External Audit of Financial Statements

The steady integration of digital access and virtual support for external audits got a significant boost as the world shifted to remote work during the pandemic. The resulting lessons learned by necessity can help auditors—and client organizations—to determine the viability of remote auditing steps moving forward.

Whereas on-site audits have traditionally been regarded as more reliable, even organizations more comfortable with face-to-face interactions and in-person observations have discovered that remote external audits can provide reliable, quality results while complying with standards. This article reviews the considerations in formalizing virtual process steps in pursuit of the most effective and efficient audit possible.